Problem
Earning staking rewards is a majorly underutilized feature that is akin to a basic income product. Yet, the current onboarding process is far from straightforward. Users first need to purchase ONE tokens, discover the staking dashboard, and understand how validators and delegations work before being able to take advantage of a healthy 8%-10% in rewards.
Additionally, the harmony.one website does not lead Harmony users to the Harmony ecosystem. The revamp of the harmony.one website is currently paused, but the harmony.one/buy page directly ties-in with fiat buys, NFT mints, and new user initiatives.
Solution
We can create a simplified user experience directly on the main Harmony website to allow users with newly purchased ONE tokens to put their assets to work. Staking can be an intimidating experience. Understanding validator parameters, uptime, fees, and rewards are not something the average consumer new to the space will understand. Instead, we can create a simplified user experience whereby we take out several steps to allow users to quickly reap rewards and further strengthen the protocol.
Furthermore, after the user purchases ONE tokens, we can direct them to the Harmony ecosystem by providing them with ONEclick options.
Why
Staking is a hidden gem in our arsenal. During bear markets, users are more cautious and will opt-in to lower risk initiatives with passive returns. Earning 10% more “free tokens” based on stake will be a compelling proposition and being able to opt-in in less than 1 minute will make this a very popular product. Fiat buys to staking or ecosystem growth is exactly what Harmony needs to show healthy traction.
Additionally, it stops ONE tokens from leaving the network while strengthening the protocol at the same time. By automatically picking validators on the user’s behalf, we are able to remove some of the strain from new users.
ONEclick Flow
The staking dashboard can be intimidating. Especially for a new user. Allowing ONE users the option to stake from the harmony website with ONEclick and exploring the Harmony ecosystem is incredibly advantageous.
| feature | Priority | User Story | Notes | Stage |
|---|---|---|---|---|
P0 | As a user I would like to be able to buy ONE tokens from the harmony.one website | talk with Giv about getting ramp’s widget online | Completed | |
P0 | As a user I would like to be able to buy ONE tokens from the harmony.one website | Ramp, Binance Connect, Simplex, Transak are several options. | Planning | |
P0 | As a user I would like to know what options I have after buying ONEs from the website. I don’t want to have to go digging through SM. | Stake, NFT, Ecosystem | Planning | |
P1 | As a user I want to be able to click ONE button and start earning ONE rewards without the hassle of the staking dashboard | Undoubtedly the most arduous task. Predetermined pool of validators randomly chosen by the smart contract. | Planning | |
P1 | As a user I would like to be given an automated response based on ip region and tx success rate | Onramper, developing a Harmony unique /buy fiat onramp aggregator (Binance Connect, Ramp) | Planning |
MVP /buy page
- Buy button
- Integrate onramp widget
- ‘User Journey’ (Stake, NFT, Eco)
- Stake → staking dashboard
- NFT → NFTKey, MadNFT
- Eco → Games, , CEX
- criteria needed to be considered for permanent exposure. opportunities to be ‘featured’ for ‘smaller’ ‘newer’ projects.